Environmentalists have in a report on climate financing asked government to ensure that public funds in the sector are channeled to sustainable development pathways and renewable energy systems.
The report titled, “How the finance flows: Corporate capture of public finance fuelling the climate crisis” which examines the use of public funds in the Global South indicates that climate-destructive sectors like fossil fuel and industrial agriculture are benefitting from subsidies averaging USD 677 billion annually.
Civil society proprietors led by Action Aid International Uganda (AAIU) country director, Mr. Xavier Ejoyi noted that despite progress made through drafting the National Agroecology strategy, there is still a huge gap to be bridged as regards smart and pragmatic climate financing decisions.
He made the remarks as he launched the report at their offices in Kasanga, Kampala on Monday.
“Only about 5% of the money given to fossil fuel and industrial agriculture is going to regenerate climate financing mechanisms. Five percent that is what this report has found out, that is very small. The Global South renewable which is a good alternative to fossil fuel is reciveing about 2.5% of what is going into fossil fuel and the industrial agriculture. That is very decimal, our call for action here is really to reverse that trend.” said Mr. Ejoyi.
AAIU has also called for regulation of the banking sector’s environmental, social, and governance (ESG) policies to enforce human rights and environment frameworks.
